DDM Analysis: 2356.HK

Valuation Snapshot

Stable Growth	$94.73 - $409.76	$164.41
Multi-Stage	$74.87 - $81.97	$78.35
Blended Fair Value	$121.38
Current Price	$9.09
Upside	1,235.33%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	9.63%	8.41%	0.76	0.40	0.34	0.32	0.43	0.48	0.44	0.39	0.37	0.37
YoY Growth	-	-	90.00%	17.65%	6.25%	-25.58%	-10.42%	9.17%	12.91%	5.49%	0.04%	8.85%
Dividend Yield	-	-	9.27%	8.03%	6.07%	4.80%	5.40%	4.61%	3.18%	2.27%	2.59%	2.69%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	4,387.58
(-) Cash Dividends Paid (M)	1,807.13
(=) Cash Retained (M)	2,580.45

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	877.52	548.45	329.07
Cash Retained (M)	2,580.45	2,580.45	2,580.45
(-) Cash Required (M)	-877.52	-548.45	-329.07
(=) Excess Retained (M)	1,702.93	2,032.00	2,251.38
(/) Shares Outstanding (M)	1,405.75	1,405.75	1,405.75
(=) Excess Retained per Share	1.21	1.45	1.60
LTM Dividend per Share	1.29	1.29	1.29
(+) Excess Retained per Share	1.21	1.45	1.60
(=) Adjusted Dividend	2.50	2.73	2.89
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	4.28%	5.28%	6.28%
Fair Value	$94.73	$164.41	$409.76
Upside / Downside	942.09%	1,708.70%	4,407.82%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	4,387.58	4,619.36	4,863.38	5,120.29	5,390.78	5,675.55	5,845.82
Payout Ratio	41.19%	50.95%	60.71%	70.47%	80.24%	90.00%	92.50%
Projected Dividends (M)	1,807.13	2,353.56	2,952.68	3,608.53	4,325.43	5,108.00	5,407.38

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	7.03%	7.03%	7.03%
Growth Rate	4.28%	5.28%	6.28%
Year 1 PV (M)	2,178.06	2,198.94	2,219.83
Year 2 PV (M)	2,528.74	2,577.47	2,626.66
Year 3 PV (M)	2,859.97	2,943.04	3,027.70
Year 4 PV (M)	3,172.52	3,295.97	3,422.99
Year 5 PV (M)	3,467.13	3,636.58	3,812.60
PV of Terminal Value (M)	91,042.85	95,492.58	100,114.61
Equity Value (M)	105,249.27	110,144.58	115,224.39
Shares Outstanding (M)	1,405.75	1,405.75	1,405.75
Fair Value	$74.87	$78.35	$81.97
Upside / Downside	723.66%	761.97%	801.72%

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Dah Sing Banking Group Limited (2356.HK)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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